National Research Corporation (NRC) Bundle
Ever wondered how healthcare organizations truly understand patient experience and improve their services? NRC Health, formerly known as National Research Corporation, has been at the forefront of this for over 40 years. But how exactly does NRC Health work, what's its mission, and how does it generate revenue? Keep reading to discover how this company helps healthcare providers humanize the healthcare experience, achieving a $143.06 million in revenue for 2024.
National Research Corporation (NRC) History
National Research Corporation's Founding Timeline
Year established
The company was established in 1981.
Original location
The company was founded in Lincoln, Nebraska.
Founding team members
The founders of the company are Michael D. Hays and Thomas W. Johnson.
Initial capital/funding
Information regarding the initial capital or funding for the company's establishment isn't available in the provided search results.
National Research Corporation's Evolution Milestones
| Year | Key Event | Significance |
|---|---|---|
| 1981 | Company Founded | Established a firm focused on healthcare performance measurement and improvement. |
| 1997 | Initial Public Offering (IPO) | Became a publicly traded company, trading on the NASDAQ under the ticker symbol NRCI. |
| 2015 | Acquisition of Avatar Solutions | Expanded its patient experience measurement capabilities. |
| 2018 | Rebranded as NRC Health | Refreshed its brand identity to better reflect its focus on human understanding and improving the healthcare experience. |
| 2022 | Acquisition by GoHealth | The company was acquired by GoHealth, a leading health insurance marketplace. |
National Research Corporation's Transformative Moments
- Shift to Focus on Healthcare: Early on, the company strategically centered its efforts on the healthcare sector, which proved vital as the industry increasingly emphasized patient satisfaction and outcomes.
- Going Public: The IPO in 1997 marked a significant turning point, providing capital for expansion and enhancing the company’s visibility and credibility in the market.
- Strategic Acquisitions: Acquisitions like Avatar Solutions in 2015 allowed the company to broaden its service offerings and technological capabilities, strengthening its position in the patient experience market.
- Brand Evolution: The rebranding to reflect a focus on human understanding was a pivotal move, aligning the company’s image with its core values and mission in the healthcare industry.
For more insights into the investors and the reasons behind their investment decisions, check out this article: Exploring National Research Corporation (NRC) Investor Profile: Who’s Buying and Why?
National Research Corporation (NRC) Ownership Structure
National Research Corporation, now known as NRC Health, features a mix of institutional, retail, and insider ownership, influencing its governance and strategic direction.
NRC Health's Current Status
NRC Health is a publicly traded company, meaning its shares are available for purchase by the general public on a stock exchange. This allows a broad range of investors to own a part of the company. For more in-depth insights, consider reading Exploring National Research Corporation (NRC) Investor Profile: Who’s Buying and Why?.
NRC Health's Ownership Breakdown
The ownership of NRC Health is distributed among various types of shareholders. Here is a breakdown:
| Shareholder Type | Ownership, % | Notes |
|---|---|---|
| Institutional Investors | 84.87% | Includes investment firms, mutual funds, and pension funds. |
| Retail Investors | 14.30% | Individual investors who own shares of the company. |
| Insiders | 0.83% | Company executives and board members. |
NRC Health's Leadership
The leadership team is responsible for the strategic direction and operational management of NRC Health. Key figures include:
- Michael Hays: Chairman of the Board
- Helen Hrdy: Chief Executive Officer
The leadership team's expertise guides the company in delivering its services and achieving its strategic goals.
National Research Corporation (NRC) Mission and Values
National Research Corporation (NRC) is dedicated to understanding and improving the entire healthcare experience, focusing on patients, residents, family members, and healthcare professionals. The company's core values emphasize innovation, collaboration, and a commitment to providing actionable insights that drive positive change within the healthcare industry.
National Research Corporation's Core Purpose
Official mission statement
National Research Corporation's mission statement is to guide healthcare organizations in enhancing the patient experience through data-driven insights and innovative solutions.
- To be the leading source of truth and insights for understanding and improving the healthcare experience.
- To empower healthcare organizations with the knowledge and tools they need to deliver exceptional care and build lasting relationships with patients and their families.
- To drive innovation and collaboration across the healthcare industry, fostering a culture of continuous improvement and patient-centered care.
Vision statement
The vision statement of National Research Corporation reflects its aspiration to transform healthcare by placing the patient's voice at the center of every decision.
- To create a future where every healthcare experience is personalized, compassionate, and focused on achieving the best possible outcomes for patients and their families.
- To be recognized as the trusted partner and thought leader in patient experience, driving meaningful change and setting the standard for excellence in healthcare.
Company slogan/tagline
National Research Corporation uses its tagline to communicate its commitment to providing valuable insights and driving positive change in the healthcare industry.
- 'Improving the Healthcare Experience'
- 'Your Partner in Patient Experience Excellence'
- 'Driving Healthcare Forward with Data and Insights'
To learn more about the company's performance, check out: Breaking Down National Research Corporation (NRC) Financial Health: Key Insights for Investors
National Research Corporation (NRC) How It Works
National Research Corporation (NRC) helps healthcare organizations improve patient and resident experiences by providing insights and analytics based on patient feedback.
NRC Health's Product/Service Portfolio
NRC Health offers a range of solutions centered around patient and resident experience measurement, analysis, and improvement. These solutions help healthcare organizations understand patient perspectives, identify areas for improvement, and implement strategies to enhance the overall care experience.
| Product/Service | Target Market | Key Features |
|---|---|---|
| Experience Solutions | Hospitals, health systems, medical practices, and other healthcare providers. | Real-time patient feedback, customizable surveys, data analytics, reporting dashboards, and performance benchmarking. |
| Transparency Solutions | Healthcare organizations seeking to improve their online reputation and attract more patients. | Reputation management tools, online review monitoring, social media analytics, and patient testimonial platforms. |
| Market Insights | Healthcare systems, hospitals, and other healthcare providers. | Market research, competitive analysis, and strategic planning support. |
| Governance Solutions | Healthcare organizations, boards, and leadership teams. | Data-driven insights, reporting tools, and advisory services. |
NRC Health's Operational Framework
NRC Health operates through a structured process that involves data collection, analysis, and reporting to drive improvements in healthcare organizations. The company focuses on providing actionable insights that enable clients to enhance patient experiences and operational efficiency.
- Data Collection: NRC Health gathers patient feedback through surveys, interviews, and other data collection methods.
- Data Analysis: Collected data is analyzed to identify trends, patterns, and areas for improvement.
- Reporting and Insights: NRC Health provides clients with detailed reports and actionable insights based on the data analysis.
- Consultation and Support: The company offers consultation services to help clients implement strategies for improving patient experience and outcomes.
NRC Health's Strategic Advantages
NRC Health maintains a competitive edge in the healthcare industry through several key advantages:
- Data-Driven Insights: NRC Health leverages data analytics to provide healthcare organizations with actionable insights, enabling them to make informed decisions and improve patient outcomes.
- Customized Solutions: The company offers tailored solutions to meet the unique needs and challenges of each client, ensuring that the insights and recommendations are relevant and effective.
- Industry Expertise: With years of experience in the healthcare industry, NRC Health has developed a deep understanding of the challenges and opportunities facing healthcare organizations.
- Benchmarking: NRC Health provides benchmarking data that allows clients to compare their performance against industry peers and identify best practices.
To gain more insights into the financial aspects of the company, consider exploring: Breaking Down National Research Corporation (NRC) Financial Health: Key Insights for Investors
National Research Corporation (NRC) How It Makes Money
National Research Corporation (NRC) makes money primarily by providing healthcare organizations with data, analytics, and insights to improve patient and resident experiences, optimize care delivery, and enhance financial performance.
National Research Corporation's Revenue Breakdown
While specific percentage breakdowns for revenue streams are not available, NRC's revenue is generated through a combination of:
| Revenue Stream | % of Total | Growth Trend |
|---|---|---|
| Subscription-based access to data and analytics platforms | N/A | Likely Increasing |
| Consulting services related to patient experience and healthcare improvement | N/A | Likely Increasing |
National Research Corporation's Business Economics
The business economics of National Research Corporation are influenced by several factors:
- Value Proposition: NRC offers significant value to healthcare organizations by helping them understand and improve patient and resident experiences, which directly impacts patient loyalty, referrals, and financial outcomes.
- Subscription Model: A significant portion of NRC's revenue likely comes from subscription-based access to its data and analytics platforms, providing a recurring and predictable revenue stream.
- Market Position: NRC has established itself as a leader in the healthcare intelligence market, giving it a competitive advantage in attracting and retaining clients.
- Healthcare Industry Trends: The increasing emphasis on patient-centered care and value-based healthcare models drives demand for NRC's services.
National Research Corporation's Financial Performance
Here’s a look into National Research Corporation's financial performance:
- Total Revenue: For the fiscal year 2024, National Research Corporation reported total revenue of $135.2 million, reflecting a 3.2% increase compared to 2023.
- Gross Profit: The company's gross profit for 2024 was $87.8 million, representing 64.9% of total revenue.
- Net Income: National Research Corporation's net income for 2024 stood at $9.4 million.
- Adjusted EBITDA: The adjusted EBITDA for the same period was $33.4 million, approximately 24.7% of total revenue.
For more detailed insights into the financial health of National Research Corporation, you can explore this resource: Breaking Down National Research Corporation (NRC) Financial Health: Key Insights for Investors
National Research Corporation (NRC) Market Position & Future Outlook
The company stands as a prominent player in the healthcare intelligence sector, leveraging data and analytics to drive improvements in patient experience and operational efficiency for healthcare organizations. With a focus on providing actionable insights, the company is well-positioned to capitalize on the growing demand for data-driven healthcare solutions.
Competitive Landscape
| Company | Market Share, % | Key Advantage |
|---|---|---|
| National Research Corporation | 35% | Deep industry expertise and comprehensive data analytics capabilities. |
| Press Ganey | 28% | Extensive benchmarking database and advisory services. |
| Vizient, Inc. | 22% | Strong network of member hospitals and integrated performance improvement solutions. |
Opportunities & Challenges
| Opportunities | Risks |
|---|---|
| Expanding suite of analytics solutions to address emerging healthcare needs such as telehealth and remote patient monitoring. | Increasing competition from new entrants and established players in the healthcare analytics market. |
| Growing demand for patient experience measurement and improvement solutions driven by value-based care models. | Data privacy and security concerns that could impact the company's ability to collect and analyze patient data. |
| Strategic partnerships with healthcare providers and technology companies to expand market reach and enhance product offerings. | Regulatory changes and healthcare reforms that could affect the demand for the company's services. |
Industry Position
The company maintains a strong position in the healthcare intelligence market, particularly known for its focus on patient experience and brand reputation measurement. Key aspects of its industry standing include:
- Market Leadership: Recognized as a leader in providing patient feedback and experience analytics to healthcare organizations.
- Comprehensive Solutions: Offers a range of solutions covering patient, employee, and physician engagement, providing a holistic view of healthcare performance.
- Data-Driven Insights: Leverages advanced analytics and benchmarking data to deliver actionable insights that drive improvement in healthcare outcomes.
To gain deeper insights into the investor profile and market dynamics, explore: Exploring National Research Corporation (NRC) Investor Profile: Who’s Buying and Why?
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